Digital asset investment products saw outflows of $54 million in the week ending May 13, CoinShares said in its weekly report.
This outflow trend has continued for four consecutive weeks, bringing overall outflows for the period to approximately $200 million and representing 0.6% of total assets under management.
Bitcoin (BTC) specifically saw outflows that amounted to nearly $38 million, accounting for 80% of all outflows. Eight altcoins saw inflows, CoinShares said.
Flow per asset
Bitcoin (BTC) saw outflows of $37.5 million over the past week, while short Bitcoin products saw outflows of $10.4 million during this period. These statistics indicate that investors have been “almost solely focused on the asset,” CoinShares said.
Some assets saw much weaker outflows. Multi-asset investments saw outflows of $6.7 million, while Binance's BNB (BNB) token saw outflows of $500,000.
Some assets saw positive inflows. Ethereum (ETH) and TRON (TRX) each saw inflows of $200,000, while Cardano (ADA) saw inflows of $500,000. Ripple's XRP token (XRP) has not recorded any outflows or inflows. Other assets collectively recorded inflows of $500,000.
All categories combined, outings represented $53.7 million.
Flow by country
CoinShares also noted that cash outflows occurred in multiple regions, suggesting that the sentiment driving the trend is not limited to a small number of investors.
Germany was responsible for most of the releases, with $30.5 million this week. The United States ranked second, with $12.4 billion in releases.
Brazil was responsible for $7 million in releases, while Switzerland was responsible for $4.2 million. Sweden recorded $400,000 in outflows.
Only Australia and Canada saw positive inflows, with $700,000 and $200,000 respectively. Entries and exits from France were not declared, and the other countries did not record any entries or exits.
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